In Hanoi, the market is recording dozens of apartment projects with new products for sale (including old and new projects). According to a survey by Lao Dong Newspaper reporters, most of the newly opened supply is in the high-end and luxury segments, lacking products in the mid-range and affordable segments.
New commercial housing for sale at prices below VND35 million/m2 no longer appears, the market no longer has primary products in this segment. In the secondary market, some projects in suburban districts of Hanoi, areas far from the center are being sold at an average price of VND30-40 million/m2.
Accordingly, the average price of primary products in Hanoi is currently quite high, ranging from 60-120 million VND/m2. Only a few projects far from the center have an average selling price of 38-45 million VND/m2, appearing at the project Grand Sunlake at 135 Tran Phu, Ha Dong district.
Another project that is currently on the market is The Wisteria in the Hinode Royal Park urban area, Hoai Duc district. The Wisteria was first launched at a price of 39-45 million VND/m2, and has since increased significantly. Currently, apartments here are sold at 45-55 million VND/m2.
In the secondary market, a series of apartment projects have common prices from 30-40 million VND in suburban districts. In Hoai Duc district, there are a number of projects with common selling prices in the third quarter of 2024 under 40 million VND/m2 such as: CT Number One in Van Canh commune (30-40 million VND/m2); Tan Viet Tower project in Duc Thuong commune (32-42 million VND/m2)...
In Long Bien district, there are some projects with common selling prices in the third quarter of 2024 of about 35-45 million VND/m2 such as: Viet Hung urban area apartment in Duc Giang ward (36-45 million VND/m2), Sai Dong urban area apartment in Sai Dong ward (38-45 million VND/m2)...
In Dong Anh district, there are apartments at the Thang Long Green City project with common prices at 30-35 million VND/m2.
In the current market, the supply of new apartments is mostly high-end, luxury projects, lacking products in the mid-range and affordable segments, so the average price of primary products in Hanoi is quite high, around 60-120 million VND/m2.
Recently, the Hanoi Department of Construction has updated the list of future housing projects eligible for sale in the area, as of the end of August. Accordingly, the housing supply in the capital will soon have more than 5,300 apartments in 9 projects.
About 2 years ago, the housing supply in the Hanoi real estate market dropped sharply. By the first half of this year, the number of new projects and apartments launched on the market gradually recovered and increased again. However, the affordable housing segment has disappeared, the mid-range segment is still in shortage as investors mainly launch luxury and high-end products on the market.
Assessing the scarcity of affordable and mid-range housing, experts say that part of the reason is due to the rapid increase in apartment prices. Ms. Nguyen Hoai An - Senior Director of CBRE Hanoi Branch shared: "Personally, I work in the market and have experienced several real estate cycles. This is a rare time and almost the first time, the apartment market in Hanoi has recorded such a rapid increase in prices in such a relatively short time."
